(B) LISBON 1277 OF APR. 3, 1974;
(C) LISBON A-70 OF JUNE 5, 1974
1. PORTUGUESE GOVERNMENT HAS JUST PUBLISHED TEXT OF CONTRACT
SIGNED NOVEMBER 29, 1974 WITH TEXACO FOR THREE ADDITIONAL
OFFSHORE PETROLEUM DRILLING CONCESSION AREAS. WITH THESE
AREAS LOCATED OFF NORTHWEST COAST FROM VILA DO CONDE TO
VIANA DO CASTELO, NEAR SPANISH FRONTIER, CONCESSIONS HAVE NOW
BEEN AWARDED FOR ALL BUT TWO MINOR AREAS ALONG NORTHERN HALF
OF PORTUGAL'S COASTLINE.
2. TEXACO WAS PREVIOUSLY AWARDED CONCESSION BETWEEN SETUBAL
AND SINES. AS AREAS OFF SOUTHERN COAST (ALGARVE) WERE AWARDED
LAST YEAR, ONLY MAJOR AREA YET TO BE CONTRACTED FOR IS WEST
COAST BETWEEN SINES AND CAPE SAO VICENTE.
UNCLASSIFIED
UNCLASSIFIED
PAGE 02 LISBON 00691 051701Z
3. UNDER ITS LATEST CONTRACT (PORTUGUESE VERSION BEING
POUCHED), TEXACO AGREED TO PAY DOLS 600,000 INITIALLY, INCREASE
THE CAPITAL OF TEXACO PORTUGAL FROM DOLS 3,500,000 TO
DOLS 6,650,000 AND INVESNT 7,000,000 IN ITS EXPLORATIONS.
CARLUCCI
UNCLASSIFIED
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